* Fourth quarter net revenue of $19.0 million * Fourth quarter sales impacted by economy, but held stable including Westcon acquisition * Reduced $1.7 million in long-term debt during quarter * Service segment fourth quarter gross margin increased 190 basis points over prior fiscal year fourth quarter * Product segment fiscal 2009 revenue up 8.3% over prior year; Service segment up 4.5%
ROCHESTER, N.Y., May 20, 2009 (GLOBE NEWSWIRE) -- Transcat, Inc. (Nasdaq:TRNS), a leading global distributor of professional grade test and measurement instruments and accredited provider of calibration, parts inspection, production model engineering and repair services, today reported financial results for the fourth quarter and fiscal year 2009, which ended March, 28, 2009. Reported results include those of Westcon, Inc. (Westcon), a test and measurement instrument distributor and calibration laboratory, which the Company acquired on August 14, 2008. The Company has integrated Westcon into its distribution and calibration operations in order to operate as a single entity. This included combining Westcon's operations into Transcat's lab network and financial systems. As a result, the Company's financial results are reported on a consolidated basis without segregating Westcon results from its organic business.
Net revenue of $19.0 million in the fourth quarter of fiscal 2009 was marginally lower when compared with $19.2 million in the fourth quarter of fiscal 2008. Sales of the Company's Distribution Products (Product segment), which represented 64% of total net revenue in the fourth quarter of fiscal 2009, were $12.2 million, a decrease of $0.2 million, or 1.4%, when compared with the fourth quarter of fiscal 2008. Calibration Services (Service segment) revenue was down 0.9% to $6.7 million in the fourth quarter of fiscal 2009 compared with revenue of $6.8 million in the fourth quarter of fiscal 2008.
For the fiscal year ended March 28, 2009, total net revenue was $75.4 million, a $5.0 million, or 7.0%, increase compared with total net revenue of $70.5 million for the fiscal year ended March 29, 2008. Fiscal 2009 Product segment sales were $51.5 million, a $3.9 million, or 8.3%, increase compared with sales of $47.5 million in fiscal 2008. Product segment sales contributed 68% and 67% of total net revenue in fiscal 2009 and 2008, respectively. Service segment revenue was $23.9 million in fiscal 2009, up $1.0 million, or 4.5%, compared with revenue of $22.9 million in the prior fiscal year.
Net income was $0.6 million, or $0.07 per diluted share, in the fourth quarter of fiscal 2009, down from $0.7 million, or $0.10 per diluted share, in the fourth quarter of 2008. Lower net income was primarily due to lower gross profit from the Product segment that was partially offset by improvement in gross profit from the Service segment. Net income for fiscal 2009 was $1.6 million, or $0.21 per diluted share, compared with $2.4 million, or $0.32 per diluted share, in fiscal 2008. Fiscal 2008 had the benefit of a $0.8 million reversal of a deferred tax asset valuation allowance. Excluding this item, net income for fiscal 2008 would have been $1.6 million, or $0.22 per diluted share.
Charles P. Hadeed, President, CEO and COO of Transcat, commented, "The contracted economy impacted our 2009 fourth quarter results offsetting the gains we had been making through the first half of the year. We've carefully managed costs through this period and focused on improving working capital. Our disciplined cash management enabled us to repay $1.7 million in long-term debt during the quarter."
Fourth Quarter Fiscal 2009 Review
Gross profit was $5.0 million, or 26.6% of net revenue, in the fourth quarter of fiscal 2009 compared with $5.4 million, or 27.9% of net revenue, in the prior fiscal year fourth quarter. The 5.8% decline in gross profit was attributed to a decrease in Product segment gross margin, partially offset by an improved gross margin in the Service segment.
Selling, marketing and warehouse expenses increased 4% to $2.5 million in the fourth quarter of fiscal 2009, compared with $2.4 million in the same period the prior fiscal year. Administrative expenses were $1.6 million for the fourth quarter of fiscal 2009, a decrease of 8.7% compared with $1.7 million in the fourth quarter of fiscal 2008. Total operating expenses were down $0.1 million to $4.1 million in the fourth quarter of fiscal 2009 compared with the same period the prior fiscal year. The slight decline reflected a $0.4 million reduction in performance-based management bonus and profit sharing expense, which was primarily offset by expenses related to the Westcon acquisition and related integration costs.
Operating income for the fourth quarter of fiscal 2009 was $0.9 million, or 4.9% of net revenue, a decrease when compared with $1.2 million, or 6.2% of net revenue, in the fourth quarter of fiscal 2008. Impacting the operating income for the fourth quarter of fiscal 2009 was a 290 basis point decline in Product segment operating margin.
The provision for income taxes in the fiscal 2009 fourth quarter was $0.4 million, reflecting an effective tax rate of 38.8%, relatively flat when compared with $0.4 million, or an effective tax rate of 37.8%, in the fourth quarter of fiscal 2008. Net income was $0.6 million, or $0.07 per diluted share, in the fourth quarter of fiscal 2009, compared with $0.7 million, or $0.10 per diluted share, in the same period of the prior fiscal year.
John J. Zimmer, Chief Financial Officer, commented, "Days sales outstanding for the fourth quarter of fiscal 2009 improved from both the third quarter and prior year end as we focused on our credit management efforts. We also carefully managed our inventory through this sales decline to reduce it to much lower levels without compromising customer service."
Product and Service Segment Review
Transcat is uniquely positioned to serve the pharmaceutical and FDA-regulated, industrial manufacturing, energy, utilities, chemical process, and other industries through its ability to bundle a wide variety of premium test and measurement instruments with quality calibration, parts inspection, production model engineering and repair services for its customers through its two distribution operations in New York and Oregon and its 12 calibration laboratories in the U.S., Canada and Puerto Rico. Its automated calibration tracking and management systems, breadth of calibration capabilities and product lines, and its refined product delivery systems enable it to rapidly respond to its customers' requirements for quick turn-around times, which it believes provides a competitive advantage.
Product Segment
Through its Product segment, Transcat markets and distributes national and proprietary brand instruments to over 13,500 global customers. The Company's Master Catalog offers access to more than 25,000 test and measurement instruments. The Product segment primarily uses direct marketing and the Company's website, which has online ordering capabilities, to market to end-users as well as to resellers.
Product segment sales decreased 1.4% to $12.2 million in the fourth quarter of fiscal 2009 compared with $12.4 million, in the fourth quarter of fiscal 2008. The decline in Product segment sales was attributed to the general weakness in the economy as demand from existing customers weakened despite aggressive pricing. The decrease was partially offset by sales to the wind industry and increases in sales to resellers. Average Product segment sales per day were $191 thousand in the fourth quarter of fiscal 2009 compared with $197 thousand in the same period the prior fiscal year. Sales of the Company's products over its website reached $1.1 million for the fourth quarter of fiscal 2009, up 37% over $0.8 million in the same period of fiscal 2008.
Gross margin for the Product segment is a function of a number of factors including market channel mix, manufacturers' rebates, product mix and discounts to customers. Product segment gross profit in the fourth quarter of fiscal 2009 was $2.9 million, or 24.0% of net sales, compared with $3.4 million, or 27.1% of net sales, in the fourth quarter of fiscal 2008. Reduced point-of-sale rebate income negatively impacted gross margin by 110 basis points. Pricing discounts and a higher mix of lower margin reseller business also had a negative impact on gross margin.
Mr. Hadeed commented, "Our product segment results reflect broader economic conditions and their impact on our customers. We have and will continue to make prudent investments in this business segment to optimize our performance and service our customers during this challenging period."
The Product segment had $51.5 million in sales in fiscal 2009 compared with $47.5 million in fiscal 2008. Gross profit for the segment was $13.1 million and $13.2 million in fiscal years 2009 and 2008, respectively. As a percentage of sales, gross profit was 25.4% and 27.8% in fiscal 2009 and 2008, respectively. The decline in gross margin reflects discount strategies to maintain competitiveness in a tight economy and the shift in sales mix to lower margin resellers. Product segment operating income in fiscal 2009 was $3.4 million compared with $3.8 million in fiscal 2008.
Service Segment
Transcat's customers purchase calibration services for the purpose of measurably reducing their risk of product or process failures that can be caused by inaccurate measurements. Transcat annually performs more than 130,000 calibrations at its 12 Calibration Centers of Excellence or at its customers' locations.
Service segment revenue was $6.7 million in the fourth quarter of fiscal 2009, a 0.9% decrease compared with $6.8 million in the fourth quarter of 2008.
The timing of calibration orders and segment expenses can vary on a quarter-to-quarter basis based on the nature of a customer's business and calibration requirements. In general, a full year trend provides a better indication of the progress of this segment. Service segment revenue for fiscal 2009 was $23.9 million, up $1.0 million, or 4.5% over fiscal 2008.
The Company's strategy has been to focus its investments in the core electrical, temperature, pressure and dimensional disciplines. Historically, 15% to 20% of Service segment revenue is generated from outsourcing customer equipment to outside vendors for calibration beyond Transcat's chosen scope of capabilities. In the fourth quarter of fiscal 2009, approximately 81% of Service segment revenue was generated by the Company's staff of technicians while 16% was subcontracted to outside vendors.
Service segment gross profit in the fourth quarter of fiscal 2009 was $2.1 million, or 31.2% of net revenue, up from $2.0 million, or 29.3% of net revenue, in the fourth quarter of fiscal 2008. The improvement in gross profit and margin reflects reduced performance-based bonus and profit sharing expense. Service segment operating income for the fourth quarter of fiscal 2009 was $0.4 million compared with operating income of $0.3 million in the fourth quarter of fiscal 2008.
"Our service segment results blend the success we have seen in developing new customers in our targeted industry segments with the realities of existing customers deferring calibration requirements as they react to the recessionary environment," Mr. Hadeed noted.
For fiscal 2009, Service segment revenue was $23.9 million, up 4.5% from $22.9 million the prior year. Gross profit for this segment was $5.7 million, or 23.7% of net revenue, compared with $5.3 million, or 23.3% of net revenue in fiscal 2008. Operating loss for the Service segment was $0.8 million and $0.5 million in fiscal years 2009 and 2008, respectively. The operating loss was driven by the Company's significant investment in selling and marketing expense.
Fiscal 2009 Year End Review
For fiscal 2009, Product segment sales generated through the Company's website were $3.7 million, up 36% compared with $2.7 million in fiscal 2008. Approximately 80% of Product segment sales in fiscal 2009 were direct while 18% were to resellers compared with 85% and 14%, respectively, in fiscal 2008. Reseller sales increased 42.8% in fiscal 2009 as the Company added resellers to increase its market reach. Domestic sales comprised 80% of the total Product segment sales in fiscal 2009, while 7% were to Canada and 12% were to other international markets. Service segment revenue was $23.9 million for fiscal 2009, up 4.5% compared with fiscal 2008. For fiscal 2009, 80% of Service segment revenue was generated by the Company's 12 Calibration Centers of Excellence and 17% was generated through subcontracted outside vendors. The tables at the end of this release reflect quarterly segment revenue trends for fiscal years 2008 and 2009.
Gross margin was 24.9% for fiscal 2009 compared with 26.3% in the prior fiscal year. Product segment gross margin was 25.4% and 27.8% for fiscal 2009 and 2008, respectively. The year-over-year decline was a result of pricing, higher net sales through lower margin channels and reduced point-of-sale rebate income. Service segment gross margin improved to 23.7% in fiscal 2009 compared with 23.3% in the prior fiscal year.
Operating expenses were $16.1 million, or 21.3% of revenue, in fiscal 2009 compared with $15.3 million, or 21.7% of revenue, in fiscal 2008. Included in fiscal 2009 operating expenses were $0.8 million in Westcon expenses and $0.3 million in non-recurring expenses related to integration. The increase in operating expenses reflected investments in sales and marketing for the Service segment, partially offset by cost control measures and reductions in performance-based management bonus and profit sharing expense. Operating margin in fiscal 2009 was 3.6% compared with 4.7% in fiscal 2008.
Mr. Hadeed noted, "Our operating results for the year were clearly impacted by the economy as our customers dealt with plant consolidations, shut downs and cost reduction mandates. We have prudently made adjustments to our business, while sustaining key and strategic investments. The results of our actions are reflected in our strong balance sheet."
Solid Balance Sheet and Steady Cash Generation
Cash generated from operations for fiscal 2009 was $3.8 million, up $0.2 million compared with $3.6 million in fiscal 2008. The incremental cash generated was used to repay debt related to the Company's Westcon acquisition. Long-term debt decreased to $3.6 million at March 28, 2009, compared with $5.3 million at December 27, 2008, but was up from $0.3 million at March 29, 2008.
Capital expenditures were $1.8 million in fiscal 2009 compared with $1.5 million in fiscal 2008. Capital expenditures in fiscal 2009 were primarily focused on expansion of calibration services capacity and capabilities.
At March 28, 2009, inventory was $4.9 million compared with $5.5 million at December 27, 2008 and $5.4 million at March 29, 2008. The decrease in inventory reflects the Company's efforts to manage its inventory during the current downturn in the economy.
Outlook
The Company expects overall modest growth in revenue in fiscal 2010 with the benefit of a full year of Westcon business, growth through market share gains in calibration services and an expected improvement in the economy in the fourth quarter of fiscal 2010.
Mr. Hadeed stated, "Both of our business segments have been and will continue to be impacted by the economy, and we do not expect to start the year strong. We expect our product sales to have a relatively flat year with our fourth quarter being our strongest, whereas, our service revenue should strengthen as we move through the year."
He continued, "Sales of both products and calibration services to the wind industry should be a greater part of sales in fiscal 2010. We have relationships with both the major wind turbine manufacturers and the major utilities that are building wind energy power and expect that this position will enable us to accelerate our growth within this industry over the next several years. We believe we may also indirectly benefit from funds from the federal stimulus package that are dedicated to alternative energy."
Webcast and Conference Call
Transcat will host a conference call and live webcast at 10:00 a.m. ET, Thursday, May 21, 2009. During the teleconference, Charles P. Hadeed, President, CEO and COO, and John J. Zimmer, Vice President Finance and CFO, will review the financial and operating results for the fourth quarter fiscal 2009 and year end and discuss Transcat's corporate strategy and outlook. A question-and-answer session will follow.
Transcat's conference call and webcast can be accessed the following ways: * The live webcast can be found at www.transcat.com. Participants should go to the website 10 - 15 minutes prior to the scheduled conference in order to register and download any necessary audio software. * The teleconference can be accessed by dialing (201) 689-8562 and entering conference ID number 322083 approximately 5 - 10 minutes prior to the call. To listen to the archived call: * The archived webcast will be available at www.transcat.com. A transcript will also be posted once available. * A replay can also be heard by calling (201) 612-7415, and entering conference ID number 322083 and account number 3055. The telephonic replay will be available from 1:00 p.m. on the day of release until 11:59 p.m. ET Thursday, May 28, 2009.
ABOUT TRANSCAT
Transcat, Inc. is a leading global distributor of professional grade test and measurement instruments and accredited provider of calibration, parts inspection, production model engineering and repair services primarily for the pharmaceutical and FDA regulated, industrial manufacturing, energy and utilities, chemical process, and other industries. Through its distribution Product segment, Transcat markets and distributes national and proprietary brand instruments to approximately 13,500 global customers. The Company's Master Catalog offers access to more than 25,000 test and measurement instruments. Transcat delivers precise, reliable, fast calibration, parts inspection, production model engineering and repair services across the United States, Canada and Puerto Rico through its 12 strategically located Calibration Centers of Excellence. Transcat's calibration laboratories are ISO 9001:2000 registered and the scope of accreditation for ISO/IEC 17025 is believed to be the broadest in the industry.
Transcat's growth strategy is to expand both its distribution products and calibration services in markets that value product breadth and availability and rely on accredited calibration services to maintain the integrity of their processes.
More information about Transcat can be found on its website at: www.transcat.com
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "estimates," "projects," "anticipates," "believes," "could," and other similar words. All statements addressing operating performance, events, or developments that Transcat, Inc. expects or anticipates will occur in the future, including but not limited to statements relating to anticipated revenue, profit margins, sales operations, its strategy to build its sales representative and reseller channels, customer preferences and changes in market conditions in the industries in which Transcat operates are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Transcat's Annual and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled "Risk Factors." Should one or more of these risks or uncertainties materialize, or should any of the Company's underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Company's forward-looking statements. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.
Transcat, Inc.
Consolidated Statements of Operations
(Amounts in thousands, except per share data)
Fourth Quarter For the Years
Ended Ended
---------------- ----------------
March 28,March 29,March 28,March 29,
2009 2008 2009 2008
------- ------- ------- -------
(Unaudited)
Product Sales $12,215 $12,388 $51,480 $47,539
Service Revenue 6,749 6,810 23,939 22,914
------- ------- ------- -------
Net Revenue 18,964 19,198 75,419 70,453
------- ------- ------- -------
Cost of Products Sold 9,281 9,028 38,410 34,334
Cost of Services Sold 4,641 4,815 18,261 17,578
------- ------- ------- -------
Total Cost of Products
and Services Sold 13,922 13,843 56,671 51,912
------- ------- ------- -------
Gross Profit 5,042 5,355 18,748 18,541
------- ------- ------- -------
Selling, Marketing and
Warehouse Expenses 2,526 2,429 9,935 9,056
Administrative Expenses 1,579 1,730 6,127 6,202
------- ------- ------- -------
Total Operating Expenses 4,105 4,159 16,062 15,258
------- ------- ------- -------
Operating Income 937 1,196 2,686 3,283
------- ------- ------- -------
Interest Expense 30 21 100 101
Other (Income) Expense, net (1) 12 67 437
------- ------- ------- -------
Total Other Expense 29 33 167 538
------- ------- ------- -------
Income Before Income Taxes 908 1,163 2,519 2,745
Provision for Income Taxes 352 440 963 382
-------- -------- -------- --------
Net Income $ 556 $ 723 $ 1,556 $ 2,363
======= ======= ======= =======
Basic Earnings Per Share $ 0.08 $ 0.10 $ 0.21 $ 0.33
Average Shares Outstanding 7,381 7,173 7,304 7,132
Diluted Earnings Per Share $ 0.07 $ 0.10 $ 0.21 $ 0.32
Average Shares Outstanding 7,521 7,329 7,469 7,272
Transcat, Inc.
Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
March 28,March 29,
2009 2008
------- -------
ASSETS
Current Assets:
Cash $ 59 $ 208
Accounts Receivable, less allowance for doubtful
accounts of $75 and $56 as of March 28, 2009 and
March 29, 2008, respectively 8,981 9,346
Other Receivables 119 370
Inventory, net 4,887 5,442
Prepaid Expenses and Other Current Assets 774 773
Deferred Tax Asset 380 248
------- -------
Total Current Assets 15,200 16,387
Property and Equipment, net 4,174 3,211
Goodwill 7,923 2,967
Intangible Asset, net 1,091 --
Deferred Tax Asset 635 1,435
Other Assets 368 344
------- -------
Total Assets $29,391 $24,344
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable $ 4,748 $ 5,947
Accrued Compensation and Other Liabilities 1,757 2,489
Income Taxes Payable 215 62
------- -------
Total Current Liabilities 6,720 8,498
Long-Term Debt 3,559 302
Other Liabilities 493 427
------- -------
Total Liabilities 10,772 9,227
------- -------
Shareholders' Equity:
Common Stock, par value $0.50 per share, 30,000,000
shares authorized; 7,656,358 and 7,446,223 shares
issued as of March 28, 2009 and March 29, 2008,
respectively; 7,380,576 and 7,170,441 shares
outstanding as of March 28, 2009 and
March 29, 2008, respectively 3,828 3,723
Capital in Excess of Par Value 8,606 6,649
Accumulated Other Comprehensive Income 320 436
Retained Earnings 6,853 5,297
Less: Treasury Stock, at cost, 275,782 shares
as of March 28, 2009 and March 29, 2008 (988) (988)
------- -------
Total Shareholders' Equity 18,619 15,117
------- -------
Total Liabilities and Shareholders' Equity $29,391 $24,344
======= =======
Transcat, Inc.
Consolidated Statements of Cash Flows
(Amounts in thousands)
For the Years
Ended
----------------
March 28,March 29,
2009 2008
------- -------
Cash Flows from Operating Activities:
Net Income $ 1,556 $ 2,363
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Deferred Income Taxes 246 40
Depreciation and Amortization 1,897 1,761
Provision for (Recovery of) Accounts Receivable
and Inventory Reserves 304 (23)
Stock-Based Compensation Expense 666 780
Changes in Assets and Liabilities:
Accounts Receivable and Other Receivables 1,418 (186)
Inventory 836 (1,039)
Prepaid Expenses and Other Assets (694) (662)
Accounts Payable (1,585) 640
Accrued Compensation and Other Liabilities (789) (15)
Income Taxes Payable (39) (66)
------- -------
Net Cash Provided by Operating Activities 3,816 3,593
------- -------
Cash Flows from Investing Activities:
Purchase of Property and Equipment (1,775) (1,505)
Purchase of Westcon, Inc., net of cash acquired (5,641) --
------- -------
Net Cash Used in Investing Activities (7,416) (1,505)
------- -------
Cash Flows from Financing Activities:
Revolving Line of Credit, net 3,199 (2,598)
Payments on Other Debt Obligations (10) --
Issuance of Common Stock 239 266
Excess Tax Benefits Related to
Stock-Based Compensation 44 86
------- -------
Net Cash Provided by (Used in)
Financing Activities 3,472 (2,246)
------- -------
Effect of Exchange Rate Changes on Cash (21) 9
------- -------
Net Decrease in Cash (149) (149)
Cash at Beginning of Period 208 357
------- -------
Cash at End of Period $ 59 $ 208
======= =======
Transcat, Inc.
Fiscal 2009 Fourth Quarter
Additional Information
Business Segment Data
(Dollars in thousands)
(Unaudited)
Quarter Quarter
ended ended
March 28,March 29, $ %
2009 2008 Change Change
------- ------- ------- -------
Product
-------
Net sales $12,215 $12,388 $ (173) (1.4)%
Gross profit $ 2,934 $ 3,360 $ (426) (12.7)%
Margin 24.0% 27.1%
Operating income $ 504 $ 866 $ (362) (41.8)%
Margin 4.1% 7.0%
Service
-------
Net revenue $ 6,749 $ 6,810 $ (61) (0.9)%
Gross profit $ 2,108 $ 1,995 $ 113 5.7%
Margin 31.2% 29.3%
Operating income $ 433 $ 330 $ 103 31.2%
Margin 6.4% 4.8%
Consolidated
------------
Net revenue $18,964 $19,198 $ (234) (1.2)%
Gross profit $ 5,042 $ 5,355 $ (313) (5.8)%
Margin 26.6% 27.9%
Operating income $ 937 $ 1,196 $ (259) (21.7)%
Margin 4.9% 6.2%
Transcat, Inc.
Fiscal 2009 Twelve Months
Additional Information
Business Segment Data
(Dollars in thousands)
(Unaudited)
Twelve Twelve
months months
ended ended
March 28,March 29, $ %
2009 2008 Change Change
------- ------- ------- -------
Product
-------
Net sales $51,480 $47,539 $ 3,941 8.3%
Gross profit $13,070 $13,205 $ (135) (1.0)%
Margin 25.4% 27.8%
Operating income $ 3,448 $ 3,815 $ (367) (9.6)%
Margin 6.7% 8.0%
Service
-------
Net revenue $23,939 $22,914 $ 1,025 4.5%
Gross profit $ 5,678 $ 5,336 $ 342 6.4%
Margin 23.7% 23.3%
Operating loss $ (762) $ (532) $ (230) (43.2)%
Margin (3.2)% (2.3)%
Consolidated
------------
Net revenue $75,419 $70,453 $ 4,966 7.0%
Gross profit $18,748 $18,541 $ 207 1.1%
Margin 24.9% 26.3%
Operating income $ 2,686 $ 3,283 $ (597) (18.2)%
Margin 3.6% 4.7%
Transcat, Inc.
Additional Information
PRODUCT SEGMENT SALES BY MARKET CHANNEL
(Amounts in thousands)
(Unaudited)
----------------------------------------------------
FY 2009
----------------------------------------------------
% of
Q1 Q2 Q3 Q4 Total Total
---------------------------------------------------------------------
Direct $10,074 $10,051 $11,147 $10,140 $41,412 80.4%
---------------------------------------------------------------------
Reseller 2,039 2,699 2,675 1,906 9,319 18.1%
---------------------------------------------------------------------
Freight Billed
to Customers 198 209 173 169 749 1.5%
---------------------------------------------------------------------
Total Product
Sales $12,311 $12,959 $13,995 $12,215 $51,480
---------------------------------------------------------------------
----------------------------------------------------
FY 2008
----------------------------------------------------
% of
Q1 Q2 Q3 Q4 Total Total
---------------------------------------------------------------------
Direct $ 9,170 $ 9,520 $11,137 $10,465 $40,292 84.8%
---------------------------------------------------------------------
Reseller 1,587 1,520 1,686 1,731 6,524 13.7%
---------------------------------------------------------------------
Freight Billed
to Customers 170 179 182 192 723 1.5%
---------------------------------------------------------------------
Total Product
Sales $10,927 $11,219 $13,005 $12,388 $47,539
---------------------------------------------------------------------
PRODUCT SALES PER BUSINESS DAY
(Dollars in thousands)
(Unaudited)
-------------------------------------------
FY 2009
-------------------------------------------
Q1 Q2 Q3 Q4 Total
------------------------------------------------------------
Number of
business days 64 63 62 64 253
------------------------------------------------------------
Total product
sales $12,311 $12,959 $13,995 $12,215 $51,480
------------------------------------------------------------
Sales per day $ 192 $ 206 $ 226 $ 191 $ 203
------------------------------------------------------------
-------------------------------------------
FY 2008
-------------------------------------------
Q1 Q2 Q3 Q4 Total
------------------------------------------------------------
Number of
business days 64 63 61 63 251
------------------------------------------------------------
Total product
sales $10,927 $11,219 $13,005 $12,388 $47,539
------------------------------------------------------------
Sales per day $ 171 $ 178 $ 213 $ 197 $ 189
------------------------------------------------------------
PRODUCT SEGMENT SALES BY REGION
(Amounts in thousands)
(Unaudited)
----------------------------------------------------
FY 2009
----------------------------------------------------
% of
Q1 Q2 Q3 Q4 Total Total
---------------------------------------------------------------------
United States $ 9,484 $10,066 $11,540 $ 9,853 $40,943 79.5%
---------------------------------------------------------------------
Canada 784 999 866 797 3,446 6.7%
---------------------------------------------------------------------
Other
International 1,845 1,685 1,416 1,396 6,342 12.3%
---------------------------------------------------------------------
Freight Billed
to Customers 198 209 173 169 749 1.5%
---------------------------------------------------------------------
Total $12,311 $12,959 $13,995 $12,215 $51,480
---------------------------------------------------------------------
----------------------------------------------------
FY 2008
----------------------------------------------------
% of
Q1 Q2 Q3 Q4 Total Total
---------------------------------------------------------------------
United States $ 8,443 $ 8,630 $10,093 $ 9,803 $36,969 77.8%
---------------------------------------------------------------------
Canada 1,026 888 1,176 966 4,056 8.5%
---------------------------------------------------------------------
Other
International 1,288 1,522 1,554 1,427 5,791 12.2%
---------------------------------------------------------------------
Freight Billed
to Customers 170 179 182 192 723 1.5%
---------------------------------------------------------------------
Total $10,927 $11,219 $13,005 $12,388 $47,539
---------------------------------------------------------------------
SERVICE SEGMENT REVENUE BY TYPE
(Amounts in thousands)
(Unaudited)
----------------------------------------------------
FY 2009
----------------------------------------------------
% of
Q1 Q2 Q3 Q4 Total Total
---------------------------------------------------------------------
Depot/On-site $ 4,478 $ 4,441 $ 4,705 $ 5,482 $19,106 79.8%
---------------------------------------------------------------------
Outsourced 911 1,065 1,093 1,064 4,133 17.3%
---------------------------------------------------------------------
Freight Billed
to Customers 153 145 199 203 700 2.9%
---------------------------------------------------------------------
Total Service
Revenue $ 5,542 $ 5,651 $ 5,997 $ 6,749 $23,939
---------------------------------------------------------------------
----------------------------------------------------
FY 2008
----------------------------------------------------
% of
Q1 Q2 Q3 Q4 Total Total
---------------------------------------------------------------------
Depot/On-site $ 4,170 $ 4,266 $ 4,284 $ 5,516 $18,236 79.6%
---------------------------------------------------------------------
Outsourced 956 995 1,009 1,118 4,078 17.8%
---------------------------------------------------------------------
Freight Billed
to Customers 137 145 142 176 600 2.6%
---------------------------------------------------------------------
Total Service
Revenue $ 5,263 $ 5,406 $ 5,435 $ 6,810 $22,914
---------------------------------------------------------------------